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UBS’s Weber center stage as Santander-Orcel court battle resumes

UBS’s Weber center stage as Santander-Orcel court battle resumes

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Global Business Review Magazine
Thursday, March 23, 2023
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UBS’s Weber center stage as Santander-Orcel court battle resumes

UBS’s Weber center stage as Santander-Orcel court battle resumes

UBS Chairman Axel Weber is expected to take centre stage in a court battle that erupted after Spain’s Santander withdrew a multimillion-euro offer to the Swiss lender’s former top investment banker to be its CEO. Italian banker Andrea Orcel is suing Spain’s largest lender. This is after it dropped the job offer almost three years ago in a dispute over his pay package. The case revolves around whether a four-page offer letter to Orcel was a binding contract or a non-binding initial offer. Santander said that the bank could not meet Orcel’s pay demands such as covering up to 35 million euros. Sources told that Weber, was a key figure in the case. The ruling could take days or weeks to be released.

Orcel originally sought as much as 112 million euros. This is for breach of contract and damage to his career from the last-minute U-turn. But he dropped the part of his legal claim that would require the Spanish bank to hire him. This is after he was appointed as the CEO of Italy’s UniCredit. He also cut his demand to 66-76 million euros. The proceedings were suspended after Orcel’s lawyer asked Weber and Mark Shelton to testify. Other witnesses pending in the hearing are Santander’s general secretary Jaime Perez Renovales. He is the one who signed Orcel’s original job offer. Another one is Roberto di Bernardini, the Spanish bank‘s head of human resources at the time.

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Recent News

Data shows that US inflation cooling

Household wealth anticipation has declined, claim by global poll

Support measures push Japanese corporate bankruptcies to 50 year low

How is the bond yield controlled in Japan?

BOJ’s Kuroda signals readiness to extend pandemic-aid scheme

Policy takes the u-turn; BoJ’s yield curve may slip

Asia shares falls on worries over inflation, Fed outlook

Stocks are calm ahead of a possible CPI hurricane

Artificial intelligence to take on the Aviation industry too

Normalcy wished to revert to airlines after FFA blackout

Dollar dented as consumer sentiment dives

Dollar declines on expectations of weaker US rate increases and China’s resumption

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

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  • Household wealth anticipation has declined, claim by global poll
  • How is the bond yield controlled in Japan?
  • Policy takes the u-turn; BoJ’s yield curve may slip
  • Stocks are calm ahead of a possible CPI hurricane
  • Normalcy wished to revert to airlines after FFA blackout

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